Tax planning

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 January 2012 Sir,
A person goes to usa on assignment on may 2010 & deposite 17 lakhs in her wife A/c till now.her wife earn 13000p.m.with pay only for 7 months & wants to make fixed deposits in bank for that 17 lakhs.
Q.what should b done to save tax in most[ benifit manner
Q.as a lay man what should she has to doen from zero to zenith in legal procedure(filing d return, adv.tax payment etc)

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 January 2012 The income of wife as such is not taxable as she is having Salary Income below the limits.
.
The Income arising from FDR makes the issue
typical.
.
The amount deposited by the husband may be treated as loan by her.
.
Interest as being earned by her from the FDRs will be liable to TDS. Which will make her income as taxable.
.
She will have to pay interest to Husband on such loan at a reasonable rate considering the FDR rate of interest. If she does not pay any interest , then the income will be clubbed in the hands of Husband.
.
His husband is also advised to file his return of income.
.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2012 thax sir,
but sir i wanna some more help,
for p.y.2011-12 mr.X is non resident,but ordinary resident n not work here even for one day so his salary income will b nil.
if they earn total intrest rs.1,60,000
Mr.X rs.130000 n Mrs.X 30000
Q.return should b filed by any of them.
Q.can dey fil form 15G. for non ded.of tds
Q.sir, its mandatory,dt Mr.X should hv to open a NRI a/c in bank
Q.Any amt. givan to Mrs.X by Mr.X can be taken as gift?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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11 February 2012 This is a controversial statement to say that X is
1. Non-Resident,
2. but ordinary resident

as there exist no such possibility.
He can be wither of these two.
.
Q.1. Return should be filed by both of them.
Q.2. 15G can be filed by Mr. X & Mrs. X if they are not having any other additional income except mentioned in the query.
Q.3. Can not be replied as residential status is not clear.
Q.4. Income will be clubbed in the hands of Mr. X.

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